By Joshua Burd
The owner of an 89,000-square-foot shopping center in Rockaway has refinanced the property for $10 million, brokers with JLL announced Wednesday.
A capital markets team with JLL represented the property owner, Anthony Mehran, to place the loan for Rockaway Commons at 204-212 Route 46. Rialto Capital Management LLC is providing the financing.
JLL Managing Director Max Herzog, Vice President Marko Kazanjian and Analyst Matt Fagella led the team working on the debt assignment.
“Anthony Mehran has extensive experience in real estate, having developed and acquired a diversified portfolio including retail shopping centers, freestanding retail and multifamily properties,” Herzog said. “Under his ownership, Rockaway Commons has developed an excellent track record and is fully leased to brand-name tenants.
“Due to the property’s easy access to major highways and the area’s surround population, this was an exciting refinancing opportunity.”
Developed in 2006, Rockaway Commons is nearly fully leased, JLL said in a news release. The multitenant shopping center spans four buildings on nearly 10 acres, featuring a 488-space parking lot and a location just minutes from Interstate 80.